Tyrone V. Ross Jr. spoke about Bitcoin and its ETF [Exchange Traded Fund] that is pending approval and opined that holding Bitcoin is more important than Bitcoin ETF in an interview with Naomi Brockwell.
Ross Jr., Managing Partner at NobleBridge Wealth & Asset Management Services said that he believes in holding the actual Bitcoins than buying ETFs, during the interview. He further substantiated that he would recommend the same to his clients.
Bitcoin ETF was supposed to be launched back in 2018, but was rescheduled and is now said to be launched on January 24, 2019, by Bakkt, which is being headed by Kelly Loeffler.
“I’m not a fan, and if and when it ever happens, I will not let my clients go near it [ETF]… I’m a true believer in the original ethos of crypto, which is, everyone holds the assets themselves, individually.”
Ross Jr. continued that people who accumulated wealth bought stocks of companies like Hershey’s, Johnson & Johnson, and General Mills and held on to them. Since Bitcoin is taking the traditional route, Ross Jr said that he would advise his clients to do the same with Bitcoins.
Referring to the above points, Ross Jr. continued:
“In an asset that is supposed to be decentralized and about being peer-to-peer and personally banked that lets us own the actual asset I think the issue for the financial services is that they don’t want people to teach people to do that.”
He continued that common people already find technology hard to understand, but now that cryptocurrencies have emerged it has become even more difficult for people to actually understand the technology behind the assets and invest in it in a safe manner.
Furthermore, Ross Jr. said that he supports ETF to an extent, but Bitcoin or ETFs for cryptocurrencies is something that people wouldn’t understand. He added:
” … it’s just layering on nonsense just simply so Wall Street could make money, it’s a joke”
Exciting World Crypto, a YouTuber commented:
“I agree as well, BTC does not need an ETF. Just going by a video from advice from Andreas Antonopoulos,. Makes more sense, why would you want to partly hold something when you could still hold something entirely. In general though. if your the holder and someone is buying an ETF from you, then your going to benefit. Catch 22. Thanks for sharing. JR”
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